New Delhi, Jan 13 (UNI) Growing at a rate of 25 per cent year-on-year, the car accessories market is expected to touch Rs 2,400 crore from existing Rs 1,200 crore by 2010, an industry chamber said today.
Leading players in the car accessories segment are optimistic in achieving a 20-25 per cent growth keeping into account the surge in demand for sophisticated accessories by car owners, CII said.
It said the entertainment and infotainment such as head units, speakers, amplifiers, sub-woofers are the biggest revenue earners for players in the segment, which are being much sought after by the car enthusiasts.
''The big challenge for the players in the car accessories segment is the mushrooming of industries in the unorganised sector, which accounts for nearly 60 per cent of the car accessories market,'' said Mr Subhas Singhal, Partner, Elegant Auto Accessories, a manufacturer of car seat covers and other accessories.
Mr Singhal hoped that the entry of major players in the organised retail business such as; Reliance Retail, Aditya Birla Retail and Pantaloon would drive the accessories market by catering to large number of premium consumers who would prefer products that meet international quality and safety standards.
Mr Kapil Sehgal, Regional manager, Silicon Autoproducts Pte Ltd, a Singapore based company, who have started operations in India recently, is optimistic on the growth of the car accessories market.
The company produces a wide range of electronics accessories such as alarm systems; musical systems, electronic locking sytems, immobilzers.
''Slew of new passenger car models being launched globally and India being one of the major hub for manufacturing of small cars, the Indian car accessories market is all set to witness an exponential growth,'' Mr Sehgal added.
UNI SBA NC DB2027